Answered You can hire a professional tutor to get the answer.
Question 1: Consider the general demand function: Qd = 8000 - 16P + 0.
Hello,I am having great difficulties with my economic questions in the document attached. Question 1: Consider the general demand function: Qd = 8000 – 16P + 0.75 M + 30 Pg where M denotes per capita income and Pg is the price of a related good.IfM = $30,000 and Pg = $50, what is the constant term ("a") if the equation for the demand curve is written in the formQd = a – bP?(Note that -b) is the slope of the line.)Question 2: Using the information from the above problem, what is the quantity demanded when the price of good is $1000?Question 3: Consider the supply function: Qs = 60 + 5P – 12Pi + 10 FWhere Qs = quantity supplied, P = price of the commodity, Pi = price of a key input in the production process, and F = number of firms producing the commodity. Of Pi = $90 and F = 20, What is the intercept of the supply curve written as Qs = a + bP? Question 4:Using the information in the above problem, what is the intercept (a’) of the inverse supply function written in the form P = a’ – b’QsQuestion 5 : Using the information in the above two problems, what is the coefficient for quantity (b’) of the inverse supply function written in the form P = a’ – b’Qs?Question 6: Suppose you are the manager of a California winery. How would you expect the following events to affect the price you receive for a bottle of wine? Match the following questions with the best available answer. The price of comparable French wines decreases._______One hundred new wineries open in California.________The unemployment rate in the United States decreases._______The price of cheese, a complementary product, increases.The price of a glass bottle increases significantly due to new government anti-shatter regulations._______Researchers discover a new wine-making technology that reduces production costs._______The price of wine vinegar, which is made from leftover grape mash, increases.__________The average age of consumers increases, and older people drink less wine.________
